Australia's Housing Market Over 4 Times Size of Economy, US is Under 2
BusinessWeek notes the value of the Australia's homes has ballooned to A$7.3 trillion ($5.6 trillion) -- or more than four times gross domestic product.
Not even the U.S. and U.K. markets achieved such heights at their peaks a decade ago before prices spiraled lower and dragged their economies with them.
“The risk is that it leaves the Australian economy extremely exposed, and a minor shock could become far more significant,” said Daniel Blake, an economist at Morgan Stanley in Sydney.
For How Much Longer?